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California's foreclosure rate leads nation in June

By Patrick   Follow   Fri, 13 Jul 2012, 10:36am   2,319 views   25 comments
In Menlo Park CA 94025   Watch (0)   Share   Quote   Permalink   Like   Dislike  

http://www.vcstar.com/news/2012/jul/11/californias-foreclosure-rate-leads-nation-in/?partner=popular

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1. Patrick Follow Befriend (54) 5,240 threads 6,174 comments 46 male Menlo Park, CA Premium

   1   12:04pm Fri 13 Jul 2012   Share   Quote   Permalink   Like (4)   Dislike (1)   Yes! But remember that reducing prices is politically difficult because of many powerful interests: * Banks are desperate for prices not to fall, because falling prices erodes their collateral. * The Federal Reserve exists to prevent any harm from coming to big banks, at the expense of everyone else if necessary. * Current owners are desperate for prices not to fall, because that could put them underwater. * The NAR is the 4th largest donor to congressmen, and hates falling prices because that reduces commission and makes them look like they gave buyers bad advice just to make a quick buck (which they definitely did). * Local and state governments get much of their revenue from property taxes, which decline with prices. So it's basically buyers alone against the whole rest of the world together.

2. FortWayne Follow Befriend (13) 107 threads 3,865 comments

   2   12:09pm Fri 13 Jul 2012   Share   Quote   Permalink   Like   Dislike   HRHMedia says If California took a more proactive role in reducing inventory AND PRICES things could turn around in 5 years or so. The same cannot be said for other states. Social Media Guru Since 1999 I don't think they want prices to fall, all reasons Patrick posted above. They can't hold it back forever though, in an economy if fundamentals eventually catch up with perceptions even in a speculative markets. To quote Bernie Madoff "United States is a giant ponzi scheme".

3. lostand confused Follow Befriend (9) 184 threads 1,668 comments Premium

   3   5:14am Mon 16 Jul 2012   Share   Quote   Permalink   Like   Dislike   I for one wish for lower prices-but I don't have a house!!

4. StoutFiles Follow Befriend (1) 24 threads 557 comments

   4   5:48am Mon 16 Jul 2012   Share   Quote   Permalink   Like   Dislike   I just don't see how Californina can keep the prices so much higher than the rest of the country. Then you start considering the state's debt, and you wonder why anyone would want to live there because the good times aren't going to last much longer.

5. dunnross Follow Befriend 28 threads 1,489 comments San Jose, CA Premium

   5   6:19am Mon 16 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   StoutFiles says because the good times aren't going to last much longer. What good times? California ranks: 6th heaviest tax burden 48th in business climate 5th highest in insurance cost 7th highest in utility costs (even though it never even snows here) 2nd highest gasoline prices 50th for global oil investments 4th highest in state and local govt spending (per capita) Largest debt of any state 34th in real GDP growth 5 businesses are leaving California every week 2nd highest foreclosure rate Highest in state school tuition hike (21% last year)

6. hidarez Follow Befriend 1 threads 11 comments Rancho Palos Verdes, CA

   6   9:17pm Mon 16 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Still the best state overall, despite its many huge shortcomings. You got to pay to play.

7. dunnross Follow Befriend 28 threads 1,489 comments San Jose, CA Premium

   7   9:55pm Mon 16 Jul 2012   Share   Quote   Permalink   Like   Dislike   hidarez says Still the best state overall, despite its many huge shortcomings. You got to pay to play. What's so good about it?

8. Randy H Follow Befriend (5) 44 threads 4,602 comments Los Altos, CA Premium

   8   10:05pm Mon 16 Jul 2012   Share   Quote   Permalink   Like   Dislike   dunnross says hidarez says Still the best state overall, despite its many huge shortcomings. You got to pay to play. What's so good about it? Nothing at all. Totally devoid of redeeming value. Please, please, please, everyone thinking of moving here, don't. Everyone already here who sees greener grass in Texas or Virginia or Ohio, please run, don't walk. California is living hell on earth.

9. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

   9   10:08pm Mon 16 Jul 2012   Share   Quote   Permalink   Like   Dislike   And it is a state who just banned foie gras. http://abclocal.go.com/kabc/story?section=news/state&id=8734715 France is right to boycott California wine. Heck I am going to boycott California wine. What good is a nice glass of wine without duck liver!

10. dunnross Follow Befriend 28 threads 1,489 comments San Jose, CA Premium

    10   10:32pm Mon 16 Jul 2012   Share   Quote   Permalink   Like   Dislike   Peter P says And it is a state who just banned foie gras. http://abclocal.go.com/kabc/story?section=news/state&id=8734715 France is right to boycott California wine. Heck I am going to boycott California wine. What good is a nice glass of wine without duck liver! Which one would you prefer - a deliciously rich, buttery and flavorful flattened duck liver or some bacteria farts which have been sitting corked up in a bottle for the last 5 years?

11. Patrick Follow Befriend (54) 5,240 threads 6,174 comments 46 male Menlo Park, CA Premium

    11   10:38pm Mon 16 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Yeast farts and goose liver. I say the yeast farts are better. And why be cruel to geese when you can just eat pâté and Brie instead?

12. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

    12   10:48pm Mon 16 Jul 2012   Share   Quote   Permalink   Like   Dislike   dunnross says Which one would you prefer - a deliciously rich, buttery and flavorful flattened duck liver or some bacteria farts which have been sitting corked up in a bottle for the last 5 years? Both is better. Pâté for lunch. Foie gras for dinner. But now it is impossible. :(

13. rdm Follow Befriend 4 threads 241 comments

    13   12:49am Tue 17 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Peter P says Foie gras for dinner. But now it is impossible. :( There may well be a medicinal use for foie gras, after all some people do seem addicted to it. It can become available by prescription, though a local dispencary. I understand there is already precedent for compassionate use of such controlled substances.

14. FunTime Follow Befriend (3) 41 threads 835 comments San Francisco, CA

    14   12:18pm Tue 17 Jul 2012   Share   Quote   Permalink   Like   Dislike   dunnross says What good times? California ranks: 6th heaviest tax burden 48th in business climate 5th highest in insurance cost 7th highest in utility costs (even though it never even snows here) 2nd highest gasoline prices 50th for global oil investments 4th highest in state and local govt spending (per capita) Largest debt of any state 34th in real GDP growth 5 businesses are leaving California every week 2nd highest foreclosure rate Highest in state school tuition hike (21% last year) I think some of your stats are making apples to oranges comparisons. For example, "largest debt." Are you measuring in absolute dollars or as a percentage of some other number so that California can be compared with Wyoming? Wouldn't it make sense for California to have one of the largest debts, since most states probably have some debt? 5 businesses leaving California is only relevant if you know how many are starting in California, right? How were "utility costs" measured? /kWHr? In some areas, it doesn't really matter what your heating/cooling costs are, because you almost never use it. Would be interesting to compare average air conditioning costs by state. I bet California comes out even at worst. A lot of the metrics you posted have similar problems in that they don't provide a real comparison. Some of them are like saying, "California has a lot more people and houses than other states." Well, we know that, right?

15. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    15   12:33pm Tue 17 Jul 2012   Share   Quote   Permalink   Like   Dislike   Either way, California has become a third-world country. There are the very rich elites in San Franciso and other coastal areas completely out of touch with the rest of the state (and the rest of America). Then there are the vast toiling masses of illegals from Mexico. Much of the middle class has fled to escape the insane cost of living (caused by elite environmental policy) and the high crime and crappy schools (caused by elite immigration policy). CA is great if you're very wealthy and/or have a trust frund. I don't see how anyone else could prosper there, unless they hit the "jackpot" with a big tech IPO or other jive-finance-tech racket.

16. David9 Follow Befriend (3) 28 threads 772 comments Tarzana, CA

    16   12:46pm Tue 17 Jul 2012   Share   Quote   Permalink   Like   Dislike   Patrick says reducing prices is politically difficult Who could disagree with this statement / paragraph? I think most readers on this site would agree! May I suggest a feature where you get to see who 'dislikes' your comment? Or if it exists, how to activate it? Thanks

17. MichaelS Follow Befriend 2 comments

    17   5:03pm Wed 18 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Patrick says Yeast farts and goose liver. I say the yeast farts are better. And why be cruel to geese when you can just eat pâté and Brie instead? Patrick, I always thought highly of you because it's clear you are trying to help people. Now that I know you have compassion for the suffering of animals as well, my regard and respect for you is even higher. Thanks for taking a stand against the cruel and painful practice of force feeding ducks and geese. A loyal reader (who was saved from buying a house 4 years ago because I found your website.)

18. David9 Follow Befriend (3) 28 threads 772 comments Tarzana, CA

    18   9:08pm Wed 18 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   MichaelS says (who was saved from buying a house 4 years ago because I found your website.) Yes. Repeating myself on purpose, but Mr. Patrick has literally saved me hundreds of thousands of dollars and I'm not a miserable upside down home / loan owner. Thanks again. :)

19. jvolstad Follow Befriend (4) 1,003 threads 1,146 comments San Antonio, TX jvolstad's website

    19   9:14pm Wed 18 Jul 2012   Share   Quote   Permalink   Like   Dislike   And yet they are still asking for $500+ a sq foot for Bay Area houses. Krazy!!!!!

20. thomaswong.1986 Follow Befriend 15 threads 3,096 comments

    20   11:16pm Wed 18 Jul 2012   Share   Quote   Permalink   Like   Dislike   HRHMedia says so you don't blame liar loans? but the Mexicans? you dontt blame helocs, countrywide, no state budget, Enron? but it's the Mexicans? ah i c your not blaming unscrupulous realtor's and bankers but Mexicans. you don't blame the politicians or local officials, but it's the Mexicans, ah i c actually I blame the over eager zealous crack pot east coast migrants who started to move to SF Bay Area ... the crazy liberal elite who wanted their piece of living that Californian dream.. big $1M homes and holding some important big wig job in Silicon Valley...because they are the special and progressive class. they were the ones i have seen many times over justifying higher home prices over the past some 12-15 years. Christ almighty, have you any idea how many New Yorkers, New Jersey, and Bostonians we have today in SF Bay Area.. trying to explain to them.. high home prices in SF BA dont work! Strapped with their ubber elite University degree and illusion of grandeur.. didnt work out as they thought.. Liar loans and ARMs were used because the payments were cheaper than Fixed Rates... had the prices been normal as they were back in the mid 90s ... would not have led to any mortgage crisis.

21. thomaswong.1986 Follow Befriend 15 threads 3,096 comments

    21   11:18pm Wed 18 Jul 2012   Share   Quote   Permalink   Like   Dislike   jvolstad says And yet they are still asking for $500+ a sq foot for Bay Area houses. Krazy!!!!! And where before did we see such prices before the bubble in SFBA... Connecticut, New York, and Boston. $500+/sq ft is considered normal to those folks!

22. thomaswong.1986 Follow Befriend 15 threads 3,096 comments

    22   11:35pm Wed 18 Jul 2012   Share   Quote   Permalink   Like   Dislike   HRHMedia says talking about two distinctly different things? California or SF Bay? Which is it thomaswong.1986? because i'm referencing California. as Adam Carolla said.. Im the only Californians today.. everyone else is from New York and Mexico.

23. Philistine Follow Befriend 508 comments Los Angeles, CA

    23   11:36pm Wed 18 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Peter P says And it is a state who just banned foie gras Not only foie gras, but also duck breast. I now have lost our special occasion main dish that I have prepared from my Scottish grandmother's recipe for the last 15 years of my life. I'm sick of CA. I don't need "good weather" to be happy.

24. thomaswong.1986 Follow Befriend 15 threads 3,096 comments

    24   11:51pm Wed 18 Jul 2012   Share   Quote   Permalink   Like   Dislike   HRHMedia says CA, What a joke. Pathetic. Duck wasnt a big thing in much of CA back in the day... give me a nice med rare steak... or a nice smoked Brisket...Cole slaw.. beans.. down with a Cold Beer... Back in the day.. we had more bbq restaurants ... UGH! Real Food!

25. Homeboy Follow Befriend 17 threads 1,606 comments

    25   12:09am Thu 19 Jul 2012   Share   Quote   Permalink   Like   Dislike   Philistine says Not only foie gras, but also duck breast. Huh? I now have lost our special occasion main dish that I have prepared from my Scottish grandmother's recipe for the last 15 years of my life. I'm sick of CA. I don't need "good weather" to be happy. O.K., see ya. We've got too many people here anyway.